This Article, which brings together two series by the author on financial regulation and the global financial architecture, respectively, retrieves and updates J. M. Keynes’s original International Clearing Union plan for what ultimately became the International Monetary Fund (“IMF,”...

With the American economy seemingly stalling, the global economy thereby imperiled, and another electoral campaign season well underway in the U.S., the "outsourcing" of jobs from the developed to the developing world is again on the public agenda. Latest figures indicate not only that layoffs...

Since the global financial dramas of 2008-09, authorities on financial regulation have come increasingly to counsel the inclusion of macroprudential policy instruments in the standard ‘toolkit' of finance-regulatory measures employed by financial supervisors. The hallmark of this perspective...

This white paper lays out the guiding vision behind the Green New Deal Resolution proposed to the U.S. Congress by Representative Alexandria Ocasio-Cortez and Senator Bill Markey in February of 2019. It explains the senses in which the Green New Deal is 'green' on the one hand, and a new 'New...

We argue that the U.S. economy is presently mired in a particularly tenacious, Fisher-style debt-deflation rooted in long term secular trends in the domestic and global economies. Global productive capacity has steadily outpaced global absorptive capacity for several decades now, and the latter...

This paper, commissioned by the Seattle City Council, takes the measure of Seattle's post-bubble negative equity and foreclosure problems, estimates numbers of underwater loans that have benefitted by existing federal, state and local programs, and recommends several options that the City has...

Interest has grown over the last several years in the prospect of using credit ratings and financial regulation as means of forcing the internalization, by polluting firms, of environmental costs they externalize to the public. The justification for such a strategy is straightforward: the...

I propose both an interpretation of and an institutional optimization plan for the broad array of new Fed Liquidity Facilities announced in response to the Coronavirus Pandemic of 2020. These represent an attempt by our central bank to fund concerted state and municipal action as if it were...